Billionaire investor and philanthropist Tony Elumelu will retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines. The bank has named Emmanuel Nnorom as his successor.
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will step down from the Board of Directors on August 21, 2026, marking the end of a 12-year tenure that oversaw one of the bank’s most significant periods of expansion across Africa.
The leadership transition was approved by UBA’s Board of Directors at its meeting held on July 6, with Non-Executive Director Emmanuel Nnorom appointed to succeed Elumelu on the same date.
According to the bank, Elumelu’s retirement is in compliance with the Central Bank of Nigeria’s corporate governance code, which limits the tenure of non-executive directors in commercial banks to 12 years.
During his tenure as Group Chairman, UBA strengthened its position as one of Africa’s leading financial institutions, expanding operations across 20 African countries while maintaining a presence in the United Kingdom, United States, France and the United Arab Emirates.
The bank confirmed that Emmanuel Nnorom will assume office as Group Chairman immediately after Elumelu’s retirement to ensure a seamless leadership transition.
Elumelu first joined UBA as Group Managing Director and Chief Executive Officer following the merger of Standard Trust Bank and UBA in 2005. After stepping down as CEO in 2010 due to CBN tenure regulations, he returned as Group Chairman in 2014.
Beyond banking, Elumelu is Chairman of Heirs Holdings, Transcorp Plc, Heirs Energies, and Founder of the Tony Elumelu Foundation, which has funded and mentored thousands of African entrepreneurs through its entrepreneurship programme.
UBA described the transition as part of its commitment to strong corporate governance and leadership continuity.
The bank expressed appreciation for Elumelu’s contributions over the past 12 years, noting that his leadership helped strengthen UBA’s pan-African strategy and international footprint while positioning the institution among Africa’s leading financial services groups.
Elumelu’s retirement marks the end of a defining era in UBA’s history. While he steps down as Group Chairman, he is expected to continue leading several of his business interests and philanthropic initiatives, as UBA begins a new chapter under the leadership of Emmanuel Nnorom.